In 2009, Peel finalised the acquisition of exploration lease EL7461 which encompassed the historic Gilgunnia and 4-Mile goldfields, it also contained the mining lease, ML1361, the May Day Project, another of Peel’s flagships.
Initial exploration primarily focused on the known polymetallic potential of May Day until, in late 2010, an airborne electromagnetic geophysical survey resulted in the recognition of a coincident late time conducting anomaly and magnetic high proximal to the historic 4-Mile goldfields.
The anomaly was confirmed by a subsequent ground-based geophysical survey in early 2011, and follow-up RC and diamond drilling resulted in the discovery of strongly anomalous polymetallic (gold-silver-copper-lead-zinc) mineralisation.
In 2012, CBH Resources Limited signed a farm-in agreement to acquire 50% of the Mallee Bull and May Day projects. During the JV partnership, seven drill programs were completed at the Mallee Bull Project, as well as the release of a maiden mineral resource in 2014 and an updated resource in 2017.
In 2020, Peel exercised its pre-emptive right to acquire CBH Resources Limited’s 50% share of the Mallee Bull Joint Venture by matching a third party’s unconditional offer, regaining 100% control of the high-grade Mallee Bull copper deposit and the gold-polymetallic May Day deposit.